Kodiak Sciences reported a net loss of $61.5 million for the third quarter ended September 30, 2025, a 39% increase from the $43.9 million loss recorded in the same period last year. Cash and cash equivalents fell to $72.0 million, down from $104.2 million at the end of June, leaving the company with an estimated one‑quarter liquidity runway. The company’s earnings per share of $‑1.16 missed the consensus estimate of $‑1.07, a miss of $0.09 or 8.4%.
Research and development expenses rose to $50.5 million, up $18.6 million from the $31.9 million spent in Q2 2025, reflecting intensified activity in the DAYBREAK and PEAK/PINNACLE Phase 3 studies and preparation for a potential BLA filing. General and administrative costs fell to $11.9 million, a decline driven in part by a $1.9 million non‑cash lease impairment related to subleasing office space. The sublease income helped offset the higher R&D outlays, but the overall expense profile still widened the loss.
Comparing to the immediately preceding quarter, Kodiak’s Q2 2025 net loss was $54.3 million, and R&D spending was $42.8 million. The jump in both loss and R&D expense underscores the company’s aggressive investment in its three late‑stage retinal programs, even as cash reserves shrink.
CEO Victor Perlroth emphasized that the company is “entering a period of strong, sustained momentum driven by compelling clinical data, accelerated execution and growing external enthusiasm” across its Phase 3 assets. He noted that the company expects to continue building momentum in 2026, with topline data readouts for tarcocimab (GLOW2 in Q1 2026 and DAYBREAK in Q3 2026) and KSI‑101 (PEAK in Q4 2026, PINNACLE in Q1 2027).
The earnings release also highlighted a “substantial doubt” about Kodiak’s ability to continue as a going‑concern for the next 12 months. With only $72 million in cash, the company’s runway is roughly one quarter, making a highly dilutive financing round a near‑term necessity. No forward guidance was provided, leaving investors to weigh the company’s clinical progress against its urgent capital needs.
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